Moody's assigns Baa2 to Dow notes

Moody's Investors Service said it assigned Baa2 ratings to Dow Chemical Co.'s $2 billion of senior unsecured notes due 2030 and 2050.

Proceeds are expected to be used to refinance a similar amount of debt, including its $1.25 billion term loan due 2023.

"Dow is taking advantage of the low-interest-rate environment to extend maturities and keep interest costs low," stated John Rogers, a Moody’s senior vice president in a press release. "Credit metrics are likely to remain very weak relative to 2019 despite the expectation for a substantial improvement in performance in the back half of the year from second-quarter levels."

The outlook is stable.

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